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Notice To Gaming Platforms As Additional Tax Burden On Real Money Gaming Comes Up
Many online gaming companies both big lotusbook247 sign up and small and startups have emerged from the shock of higher taxes as announced by the goods and services council. But the other day the companies are given another hard dose of taxes that they have to pay now.
Online gaming companies were just coming out of the shock of higher tax burden when another equally powerful shock was announced the other day. They have to pay more taxes in addition to the tax that they need to pay according to the new 28 per cent levy on face value.
The news will be hard to digest as it is tantamount to retrograde tax. Online gaming companies both big and small including lotus book that were offering games of skill to gamers, now the same games are under the higher tax bracket.
The Central board of indirect taxes and customs has assessed that those online gaming platforms including lotus book 247 sign upthat were offering games of skill on 18 percent taxes, now need to pay the 28 percent taxes on games of skill. The game of skill and game of chances are both in the same tax ...
... bracket now.
The online gaming industry is dominated by real money games. About 77 per cent of all games are under the category of real money games. These online platforms have paid less than 5000 crore INR since 2017, when the actual tax liabilities were at 50, 000 crore. So 45,000 crore is left with online platforms that they have to deposit with the tax authorities.
The latest announcement also covers offshore online gaming platforms as well. The estimated tax demand on them is close to 12,000 crore INR.
And the point is that these online gaming platforms have to pay the taxes of past years also on the 28 per cent basis. The central board of indirect taxes and customs has estimated that online companies that were offering skill games lotus book 247 online ID have paid 45, 000 crore less tax. As all these companies were paying the lower rate of tax that is 18 per cent. Now they have to pay the taxes since the implementation of goods and services tax on a 28 per cent basis.
The intention is clear all companies in the online gaming industry that attract 28 per cent tax have to pay the balance as well. This retrospectively taxation is not a good decision as it also gives a wrong signal to all foreign investors that the country is not a safe destination for investment. The laws can be changed at any time without notice.
Obviously not many online companies lotus book 247 online ID are happy with this new decision. The companies that are in not so strong financial position may find it difficult to take the additional burden. The reaction of gaming companies has not come, as it takes time to digest the news, understand its implications and then come to some conclusions.The notice regarding the latest development is being readied and will be issued to all online gaming companies soon.
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